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Rand Extends Becomes Best EMEA Performer This Month

ZAR

The rand has met little resistance on its appreciation path over the past few days, reclaiming levels last seen before the "Lady R" scandal broke out. The currency is on track for its best performance against the greenback since mid-2020. Spot USD/ZAR trades at ZAR18.7250, down just over 1,000 pips on the session, with bears eyeing support from May 10 low of ZAR18.6188, followed by May 2 high of ZAR18.5075.

  • Eskom has been able to reduce load-shedding recently, even as it will reintroduce daytime power outages over the weekend (to a relatively limited extent). Electricity Minister Kgosientsho Ramokgopa said that South Africa managed to improve its energy availability factor to multi-month highs, while the trend of lower load-shedding stages could continue.
  • The FTSE/JSE Africa All Share index trades on the back foot despite strong gains for the FTSE/JSE Banks Index, which has been advancing rapidly since the start of this month.

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